Tuesday, December 1, 2015

Since August 2012, The Green Corruption Files, via House Oversight hearings and reports, secret internal Department of Energy (DOE)
emails, droves of whistleblowers –– both former and current Abengoa
employees and contractors –– as well as extensive research, has been exposing the colossal "Abengoa Scandal."

This blockbuster saga entails the law-breaking Spanish conglomerate that carries direct ties to a slew of powerful U.S. Democrats, which bagged over $3 billion of American taxpayer money, with the vast majority coming from President Obama's trillion-dollar stimulus package, coupled with high-praises from the president, is now imploding.

The charges

Our reports show that Abengoa is not only occupying our land and taking our money, but they are mistreating our citizens and blatantly breaking our laws. Illegalities that range across numerous federal and state government agencies, which includes the very stimulus law that made the loans available as well as the DOE, the Department of Labor (DOL), Immigration and Customs Enforcement (ICE), the Internal Revenue Service (IRS), the California Energy Commission (CEC), the Occupational Safety and Health Act (OSHA), the Environmental Protection Agency (EPA) and others.

The cash

As a reminder, Abengoa was the second largest recipient of the Energy Department's stimulus loans (the DOE's "Junk Bond Portfolio"): over three times the notorious green energy loser, Solyndra. Between July 2010 and September 2011, this foreign-owned entity was awarded three DOE loans worth over $2.9 billion to construct two solar energy complexes in Arizona and California and a biofuel plant in Kansas –– with two of the largest loans yet to be repaid.

We do know that Abengoa also received plenty of money from the United States Export-Import Bank (Ex-Im Bank), which is another avenue where favored firms are awarded hundreds of millions of taxpayer-backed loans. Besides the fact there are serious "conflict of interest" that implicate the Bank and Abengoa, I found three Ex-Im Bank "green" transactions that benefited this foreign firm, which transpired in 2011, 2012 and 2013, exceeding $267 million –– all chronicled in my June 2015 Green Corruption File.

And in December 2013, Abengoa was awarded a $2 million competitive award from the DOE’s SunShot Initiative “to improve manufacturing and assembly of their innovative large aperture parabolic trough collector over the next two years.”

The connections

Nevertheless, this Big foreign firm has countless Big Green Cronies here in the United States that are connected to President Obama, former Secretary of State Hillary Clinton and her family foundation as well as many high-powered Democrats. This includes the wealthy climate crusaders, former Vice-President Al Gore and his billionaire buddy John Doerr; the former Governor of New Mexico Bill Richardson; the president's former climate czar Carol Browner, as well as key Energy Department officials that were privy to the decision-making process inside the DOE deals, of which, amongst other shenanigans, involved a fast track process imposed at the "POTUS level" and "White House "intervention."

In the mix we find California career politicians Senator Dianne Feinstein and Governor Jerry Brown as well as other big names such as McKinsey & Company, Pacific Gas and Electric and Citigroup. Towing the line have been powerful lobbyists like American Council on Renewable Energy (ACORE) and Center for American Progress (CAP), the progressive think tank, which happens to be the dark, driving force behind the president’s massive green energy scheme.

Photo taken from Breitbart News: Credit AP / Globe Newswire

The crash

Abengoa, which website boasts that it "operates in more than 80 countries and has a presence through local offices in more than 35 of them," has so many subsidiaries it will make your head explode.

Still, during my last post, I had highlighted Abengoa's financial woes, including that there was speculation of bankruptcy on the horizon –– a prediction we made long ago.

In fact, in July 2014, via an exclusive interview by Lachlan Markay of the Washington Free Beacon, one informant concluded with the following statement: “This company eventually will go bankrupt,” he insisted. “The question is at what expense to the United States people and government.”

If you were wondering what the Spanish word for “Solyndra” is, this week provided the answer: “Abengoa.”

Abengoa is a Spanish company that was another of President Obama’s personally picked green energy projects, and it’s now on the verge of bankruptcy too, potentially saddling taxpayers with a multi-billion-dollar tab and fueling the notion that the administration repeatedly gambles on losers in the energy sector.

The future of the company seems very black, "notes on trader as the bonds and stocks of Spanish renewbles form Abengoa lives up to its name and files for creditor protection, just as we warned was likely. With the stock crashing 70% to 28c and 4-month bonds trading at just 22c on the dollar, market participants face an almost total loss..but, as we detailed previously, it is the American taxpayer - who thanks to Ex-Im Bank loans to keep this zombie alive - face losses of $230 million as Spain's Solyndra exposes another symptom of the Oligrachic ignorance of where the money comes from.

MADRID—Spanish renewable energy and engineering firm Abengoa SA said on Wednesday that it is filing for preliminary creditor protection, an initial step that could lead to the largest bankruptcy case in the country’s history.

MADRID, Nov 25 Spain's Abengoa started insolvency proceedings on Wednesday after a potential investor said it would not inject fresh capital into the energy firm, sending its share price tumbling by 54 percent.

Under Spanish law, companies can enter into pre-insolvency proceedings, giving them up to four months to reach an agreement with creditors to avoid a full-blown insolvency process and a potential bankruptcy.

Spain’s Abengoa started insolvency proceedings on Wednesday after a potential investor said it would not inject fresh capital into the energy firm, sending its share price tumbling by 60 percent.

Under Spanish law, companies can enter into pre-insolvency proceedings, giving them up to four months to reach an agreement with creditors to avoid a full-blown insolvency process and a potential bankruptcy.

Failure by Abengoa to reach such a deal could lead to Spain’s largest bankruptcy on record.

Spanish and international banks’ total exposure to Abengoa stands at around 20.2 billion euros ($21.40 billion), including financing for projects, a source familiar with the matter said at the end of September.

Shares of Spanish renewables giant Abengoa closed down over 30 percent on Thursday, one day after the company began insolvency proceedings.

In Spain, businesses are able to enter pre-insolvency proceedings and have four months to find an agreement with creditors in order to avoid an insolvency process and potential bankruptcy.

Wednesday saw Fitch downgrade Abengoa's Issuer Default Rating, or IDR, to 'CC' from 'B', with its senior unsecured rating also falling from 'B' to 'C'. Fitch also revised the company's Recovery Rating on senior unsecured debt to 'RR5' from 'RR4'.

Spanish renewable energy company Abengoa on Thursday applied for preliminary protection from creditors and called in lenders to start negotiating the terms of an agreement that would prevent a definitive suspension of payments.

In accordance with Spanish insolvency laws, the company has four months to reach an out-of-court agreement with its creditors.

While the Seville-based firm desperately seeks a new deal with its creditors or a new investor to shoulder part of its €8.9 billion of gross financial debt, it is also asking bondholders to group together into a committee to renegotiate the debt.

“The committee is necessary in order to manage our commitments in an efficient manner,” said a company spokesperson.

Meanwhile, shares in the renewable energy and engineering giant continued to plunge...

As President Barack Obama departed for the climate summit in Paris, he faces a new “Solyndra” scandal as Spain’s Abengoa SA, which received $3 billion in administration sustainable energy loans and Export-Import Bank guarantees, announced that it has started bankruptcy proceeding and may soon default on its debt.

A renewable energy company personally picked by US President Barack Obama is on the verge of collapse, potentially leaving international banks on the hook for around $29.6 billion.

Abengoa, a Spanish solar energy firm which has received $3.74 billion in loans from the US government since 2010 to construct several large-scale solar projects, looks set to become the largest bankruptcy in Spanish history.

Considering that Abengoa has four months to scramble, we are now pondering this question: when Abengoa goes bust, what will it cost "the United States people and government?”

Well, besides the damage that this Spanish firm has inflicted here in America, which has been well documented in previous Green Corruption Files and summarized later in this post, there is the matter of billions of U.S. taxpayer cash.

While it is unclear how much free cash (grants) Abengoa scored from the Obama White House, we do know that according to Expansion, which provided a list of Abengoa creditors (released November 26, 2015), that their largest creditor is the Federal Bank, owing $2.22 billion and points to those Energy Department stimulus loans. Here is an excerpt:

The Federal Financing Bank, owned by the U.S. Government and is overseen by the U.S. Treasury, is the firm with the largest exhibition: a total of 2,220 million, exclusively in financing of projects. In particular, Abengoa earmarked this money to finance two jobs: Solana, the largest plant cylinder dish in the world, with a capacity of 280 megawatts (MW) and located in Phoenix, near Gila Bend, Arizona. And Mojave, a plant of 280 MW gross, located 150 kilometers northeast of Los Angeles.

What about the illegalities committed by this foreign firm on American soil?

Where's the oversight?

Crickets...

What makes this so pathetic is that due to the tenacity of our informants, we can confirm that the Energy Department has known about the enormous Abengoa misconduct for years (since January 2013). We also know that as early as 2014, there were several "federal inquiries" swirling around these taxpayer-funded green projects (ICE, the DOL and the IRS); however, they seemed to have gone dim.

Where is Secretary of Energy Dr. Ernest Moniz, whom was well aware of Abengoa's transgressions, and even during his April 2013 confirmation hearing promised this: "If confirmed, I will make the monitoring and oversight of the Loan Program's portfolio of loan guarantees a top priority."

Where is the House Oversight Committee and the House Finance Committee –– both run by the Republican party that have also known about this massive Abengoa Scandal for a very a long time?

Either way: this is not a blue or red issue –– It's an American one. And, both political parties dropped the ball, which should anger all taxpaying citizens of the United States of America!

Nevertheless, more directly is that this breaking news of Abengoa's impending bankruptcy would blow the lid off of the Energy Department's spin that this controversial loan program is great for America, is creating American jobs, while making a profit. Yet in reality, this DOE loan program has not only been rife with cronyism and corruption, but the so-called green jobs that it created, saved, recycled or otherwise is absolutely dismal, especially in the case of Abengoa.

Furthermore, the risks to the taxpayer can't be overlooked as well as a key issue that Veronique de Rugy, a senior research fellow at the Mercatus Center brought to light during her testimony before the House Committee on Oversight and Government Reform on July 18, 2012:

...The evidence strongly suggests that these programs fall short of their stated goals of developing clean energy and creating jobs. Of equal concern is the indirect damage to the nation’s economic fabric through distortion of market signals, cronyism, and mal-investment...

President Obama and Secretary of State John Kerry
dining with world leaders at the 2015 UN Climate Summit
in Paris to "save the planet." Photo from The Federalist.

Still, the collusion between the Obama White House, Big Green, Big Energy, Dark Money, various left-wing groups, the liberal media, and others is palpable, which means that there is no end in sight to "saving the Earth from human toxins." This despite the fact that the "climate science" is NOT settled, even as they throw around their bogus "97 percent of experts" number around as gospel. Not to mention that even the "climate alarmist" can't decide whether an Ice Age is imminent or the planet will explode in a ball of fire if we keep breathing.

Nevertheless, despite the fact that our nation is drowning in debt, both President Obama and candidate Hillary Clinton have continually doubled down on "the green revolution," which calls for more mandates, regulations, rules and, of course, spending billions more of American taxpayer money. These climate policies and programs will continue to fuel corporate welfare and crony capitalism, such as the Abengoa case –– even as they ensure that their political pals (bundlers, big donors, etc.) benefit, while hurting the middle class and devastating the poor.

In fact, the Obama Regime has placed their "catastrophic climate change crusade" above the real face of evil: Terrorism –– and publicly, at least 22 times and counting...

More recently, in reference to ISIS, whom the left-wing loons claim was created by global warming, which took credit for the brutal and horrifying terrorist attacks in Paris that killed over 130 people and injured hundreds more, on November 24, The Federalists noted that "While standing alongside French president François Hollande in a joint news conference at the White House, Obama explained that his attendance at next month’s World Climate Summit will put ISIS in its place" –– heralding that his attendance with other world leaders, would be a "powerful rebuke to the terrorists."

Yep, this climate gathering, where world leaders arrived via their private jets to partake in serious meetings, while indulging in fine dining and other festivities to "save the planet," convened in Paris this Monday.

A global warming meeting where President Obama’s part "will send more CO2 into the atmosphere than 31 American homes‘ energy usage for an entire year. The president’s trip is equivalent to burning 368,331 pounds of coal or 797 barrels of oil, according to the Environmental Protection Agency’s carbon footprint calculator," documented Michael Bastasch of The Daily Caller.

And, according to The Federalist, "It’s estimated that around 50,000 carbon-spewing humans [elite world leaders, businesses and activists] will be participating in the Paris [two-week] climate conference this week" –– with a slew of millionaires and billionaires (the regular Obama/Clinton cronies) positioning themselves to snag their "fair share" of the climate cash that is expected to flow from this gathering.

The Daily Mail adds: "The climate change summit in Paris that aims to tackle global warming will itself pump an estimated 300,000 tons of carbon dioxide into the atmosphere..."

This DOE deal was announced in June 2011 and finalized in September 2011.

Reports also state that the Treasury committed to $340 million grant for this project, but it is unclear how much taxpayer cash Abengoa scored to date here.

According to the DOE, "the plant started commercial operations in December 2014." However, according to my sources, the Mojave Solar Plant has been operating off of a temporary certificate of occupancy (TCO) as opposed to a final permit, which expires on November 30, 2015.

It was reported that the Treasury had committed to a $23 million grant for this project, yet I was informed that this figure is much higher.

The DOE states that the "loan was fully repaid in March of 2015," yet it also states that the Hugoton biofuel plant is still "under construction." However, reports have emerged that this cellulosic ethanol plant "celebrated a grand opening" in October 2014.

Jobs: 300 construction and 65 permanent jobs

Below is a recap of the rampant corruption operating inside this Spanish firm here in the U.S. that ranges across numerous federal and state government agencies, which I had alluded to earlier in this post, that include the DOE, ICE, DOL, IRS, CEC, OSHA, the EPA and others.

This blockbuster story was made possible by droves of brave whistleblowers, of which three key sources have gone public exclusively at the Washington Free Beacon. Yet, since my August 2015 post, more informants have come forward, not only confirming what we have reported thus far, but additional horror stories occurring at Abengoa's "green" plants here in the U.S. I just want to take this moment to thank you all –– and encourage you, that despite the fact that our government is pathetic for letting you down by not holding this corrupt company accountable, to continue the fight.

Abengoa hired foreign workers (illegally) and gave them preferential treatment over Americans

Abengoa paid its illegal employees under the table to avoid taxes

Abengoa's broke stimulus laws and committed DOE violations by routinely bringing in employees from Spain and Uruguay into the country for jobs Americans could have filled

Abengoa systematically abused its American employees

Abengoa committed insurance fraud

Abengoa systematically stiffed its suppliers, driving some into bankruptcy

Abengoa systematically cut corners in design and construction

Abengoa deliberately violated building and environmental codes, which has led to at least the Mojave Solar Project being a danger

Abengoa also at the Mojave solar plant, used older, inefficient, and more expensive technology, thus not only wasting American taxpayers' money and critical natural resources, such as excessive amounts of water, but raises additional concerns.

Abengoa’s Solana solar project has experienced a toxic waste spill that is not being handled properly, which if true, there may be a major environmental mess lurking in Arizona.

Abengoa created numerous shell companies to boost profits.

Abengoa knowingly and willingly violated countless California laws, rules, statutes and regulations at their Mojave Solar Plant –– so many that this plant is gigantic "green" catastrophe. Worse case scenario is that this plant, which is supposed to save us from the "imminent global warming calamity," is a "ticking time bomb."

There was an unreported large toxic spill at Abengoa's Mojave Solar Plant: "Hundreds of gallons of Heat Transfer Fluid (HTF) was spilled and they just dispersed into the ground"

Despite California's dreadful drought, Abengoa's "Mojave Solar Plan is using 1,709,985 gallons of water per day"

Abengoa continues to abuse America

The Green Corruption Files Coverage (direct and otherwise) of the Abengoa Scandal:

April 17, 2016: Found on the DRUDGE REPORT... Kind of

2015: Christine in DC, Hanging with President Lincoln

TWITTER

The Mission: FOLLOW THE MONEY (The Green Cash)

The Big Green Heist

It all began in late 2009 when Christine Lakatos was hired to contribute to the political book, Killing Wealth, Freeing Wealth How to Save America’s Economy and Your Own, that was authored by Lee Troxler and Floyd Brown and released May 2010.

Alarmingly, our environment has been hijacked by uber-rich individuals, crooked politicians, and an assortment of left wing extremists who are fueled by greed and power attached to a radical agenda to bring about “global governance,” “redistribute the wealth,” and put the progressive movement –– big government, social justice and the death of capitalism –– on the fast track. Under the guise of “saving the planet,” these players, who are all interconnected in a variety of ways, are transforming our climate into something more sinister –– a scam of epic proportions.

Since that time, we've unearthed THE BIG GREEN HEIST (green energy movement / climate change hysteria), which is costing U.S. taxpayers hundreds of billions of dollars, is all about about Power and Profit –– NOT "Saving the Planet."

Please review the side panel for "sightings" of this intense and important work...-cCitizen Investigative Journalist

2012: Marita Noon and Christine Lakatos: On the Air exposing...

Marita Noon: Green-Energy Crony-Corruption Scandal...

April 2016: The GCF listed at

EcoFascism

Environmentalism is Fascism

The Online Enviro-critical Community

By William Kay

Enviro-Critical and/or Climate-Sceptical Websites

(About this List)

Dozens of the website producers have hard copy books on the market and several websites are entirely devoted to advertising recently published books. Presumably all bloggers would welcome greater success in the conventional publishing and media realms, but obscure sites such as Green Corruption Files and No Tricks Zone often make for the most interesting reading.

May 27, 2013: @ the EU Times

May 25, 2013: @ American Free Press –– Noon and Lakatos Interview

February 15, 2013: Cited @ Townhall.com

Report: Frickin’ Fracking Could Ruin Everything for Leftist Activists / by John Ransom,

February 2013: Also found @ The Heartland Institute

Wall Street Walks on the White House / by Marita Noon

January 6, 2013: @ FrontPageMag.com (August 2012 Abengoa Research)

Top Dem Steered $150 Million in Govt Loans to Spanish Company / By Daniel Greenfield

December 2012: Found Inside The Limbaugh Letter

December 2012 Issue / Page 14

Rush Limbaugh "The Other Obama Scandals"

Green Corruption Inside

December 2012 Issue

Green Graft:

Fifty failures, Green Corruption blog lists a total of 50 Obama green-energy busts: 23 bankrupt and 27 teetering. As of 10/23/12, at least $15 billion in "green" taxpayer money is either going or gone, most funneled to Obama Democrat cronies.

November 13, 2012: GCF at Patch Media

"Why I'm Breaking Up With Wegmans," By Laura Freed

November 6, 2012 @ Natural News

Widespread bankruptcy of Obama-backed green energy companies continues as state of economy worsens

October 16, 2012: @ Real Clear Energy

July 23, 2012: Cited by PJ Media

April 2012: Green Corruption: Department of Energy “Junk Loans” and Cronyism, Part One

"Extraordinary in-depth expose' of the incredible extent of the green energy scandal. It goes so far beyond Solyndra that you'll be shocked." April 26, 2012 Dave Nalle, Chair of the Republican Liberty Caucus; Edior at Blogcritics Magazine

Green Corruption started in the summer of 2010...

...since late 2009, we've been following the green energy money, and while this blog was launched in 2012, I began unleashing my findings in the summer of 2010.

Alarmingly, our environment has been hijacked by uber-rich individuals, crooked politicians, and an assortment of left wing extremists who are fueled by greed and power attached to a radical agenda to bring about "global governance," “redistribute the wealth,” and put the progressive movement –– big government, social justice and the death of capitalism –– on the fast track. Under the guise of “saving the planet,” these players, who are all interconnected in a variety of ways, are transforming our climate into something more sinister –– a scam of epic proportions.

April 2012: Lakatos: The Obama “Green” Corruption—Dollar by Dollar

"Finally, someone has done the job of itemizing the massive transfer of your taxes to Obama cronies, donors and Democrat party supporters. Now that we can see it, we find most of the firms that received tax dollars were poor investments BEFORE the money was given them. For example:

March 31, 2012: The Daily Caller Excerpt...

Even more damning allegations, which suggest that former Obama administration officials and campaign bundlers received a sizable share of those federal funds, are now surfacing.

Christine Lakatos, a researcher and conservative writer who has followed the emerging scandals for several years at the blog Green Corruption, told TheDC the administration is engaging in “crony capitalism with ‘green’ dollars.”

Lakatos claimed the scandal goes deeper than Rep. Issa and his investigators have detected. She said companies linked to contribution “bundlers” from President Obama’s 2008 campaign received about 80 percent of the “green energy” loans made by the Energy Department during the last three years.

Facebook Network Blogs

Patriot Action Network

America c2c

TeaParty.Org

About Me

I am THE Green Corruption Blogger-- check it.
I'm a Christian, mother of two awesome daughters, a Conservative, and I love animals. My REAL job is fitness expert, and I have a self-published diet book for women and young girls called My Diva Diet, and I'm in the process of developing the Super Fit KIDS USA Cartoon.
Lastly, I'm a retired bodybuilder and fitness competitor, and back in 1990 I was a contender on American Gladiators, and I have the YouTube clip to prove it -- By A Hair